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Arrowood Indemnity Company consents to Liquidation and Injunction Order

 
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Arrowood Indemnity Company consents to Liquidation and Injunction Order
11/08/2023

Arrowpoint Capital today announced that Arrowood Indemnity Company (the “Company”), with the consent of the Company’s Board of Directors has been placed into liquidation by order of the Chancery Court of Delaware. Pursuant to the Liquidation and Injunction Order, Delaware Department of Insurance Commissioner Trinidad Navarro serves as the Receiver.

Dennis Cahill, President & CEO said, “This is a difficult announcement to make. The Company had a very long operating history in commercial and personal insurance in the US. Since going into run-off in 2003, staff have worked diligently over the last 20 years, equitably resolving well over 113,000 claims, recovering significant reinsurance assets and supporting the Company’s goal of a solvent run-off. Unfortunately, the enactment of child victim act statutes and the continued emergence and re-emergence of claims related to legacy insurance policies issued decades ago continue to adversely impact the Company’s financial condition.  As a result, the Company anticipates statutory surplus turning negative as of Q3 reporting, necessitating this action.

We value our relationship with the Delaware Department of Insurance, as well as our Claim Monitor who has been in place for over sixteen years. We understand and appreciate the Department’s decision. Management and staff will work cooperatively with the appointed receiver as the Company begins the process of liquidation, which we believe serves the interests of policyholders at this time.

Further information will be provided as soon as it becomes available.